logo logo

Retirement Plans Newsletter

September 27, 2023

5 New Job Opportunities 5 New Job Opportunities


[Guidance Overview]

Proxy Voting Rule Starts December 1: Action Steps for Managers of Private Investment Funds Subject to ERISA

"[1] Review the fiduciary manager's proxy voting policy and guidelines ... [2] Review any proxy service provider policies and guidelines ... [3] Review the plan asset fund's subscription agreements ... [4] Review side letters with ERISA investors ... [5] Review ERISA SMAs."  MORE >>

Seward & Kissel LLP


Culpepper RFP: Detailed RFP Evaluations For Plan Sponsors

Culpepper RFP works with plan sponsors and internal and external ERISA counsel for RFP evaluations of service providers of retirement and benefit plans + DOL cyber assessments. Please contact for more information.

Sponsored by Culpepper RFP

[Guidance Overview]

Plan Sponsor Year End Compliance: Consider SECURE 2.0 Provisions Effective January 1

"[1] Emergency savings accounts linked to individual account plans ... [2] No pre-death Roth required minimum distributions ... [3] Surviving spouse election to be treated as employee ... [4] Withdrawals for individual cases of domestic abuse ... [5] Withdrawals for certain emergency expenses ... [6] Updating dollar limit for mandatory small benefit distributions."  MORE >>

Haynes and Boone, LLP

Tenth Circuit Dismisses Claims Related to High-Cost Funds, High Recordkeeping Fees

"The Tenth Circuit explained that a court cannot reasonably draw an inference of imprudence simply from the allegation that a cost disparity exists; rather, the complaint must state facts to show the funds or services being compared are, indeed, comparable. The allegations must allow for an 'apples-to-apples' comparison." [Matney v. Barrick Gold of N. Am., No. 22-404 (10th Cir. Sept. 6, 2023)]  MORE >>

Holland & Knight

DOL's ESG Rule Shows Some Staying Power

"[T]he judge expressed skepticism toward ESG investing and stated that it is not 'unsympathetic to Plaintiffs' concerns over ESG investing trends.' That being said, the court was evaluating whether the rulemaking was contrary to law and not whether it thought the 2022 ESG Rule represents the optimal policy outcome. Regardless, the court's reliance on Chevron in particular may make the rule vulnerable to a challenge should the states appeal to the 5th Circuit." [Utah v. Walsh, No. 23-0016 (N.D. Tex. Sep. 21, 23)]  MORE >>

Groom Law Group

PBGC Announces Change for Overnight Delivery of Paper Premium Payment Checks

"The address for overnight deliveries of paper premium checks is changing effective October 6, 2023. If you (or one of your clients) plans to send a paper check using an overnight delivery service in October, please be sure to review PBGC’s updated premium payment instructions webpage."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

403(b) or 401(k): Which is Best for a Tax-Exempt Organization?

"[This summary] outlines the similarities and differences between 403(b) and 401(k) plans. Knowing these factors can help ensure you choose the best retirement plan for your tax-exempt organization."  MORE >>

Employee Fiduciary

401(k) Loans Grow as Participants Struggle with Emergency Savings

"[W]hile the current percentage of participants taking 401(k) loans increased across all age groups, average loan amounts decreased from 2022 to 2023 among all cohorts expect for participants between the ages of 50 to 59, who also had the highest loan balances."  MORE >>

401(k) Specialist

Short-Term Financial Needs Infringing on Retirement Saving

"[F]ewer employees are prioritizing long-term retirement savings (31%, down from 45% in 2022) as a growing number are focusing on short-term financial needs, including paying off credit card debt (16% vs. 11% in 2022) and saving for the unexpected (13% vs. 8% in 2022). This is the first year in the [BofA] annual report's 13-year history that women did not rank saving for retirement as their top financial goal, replaced by paying off credit card debt."  MORE >>

401(k) Specialist


The Real Cost of K-12 403(b) Enrollment

"It's not a profitable economic opportunity to sign up new participants in multi-vendor K-12 public school 403(b) plans, as currently structured. Enrollments are subsidized by predatory ancillary sales and mostly unneeded exchanges.... Agents are using the 403(b) as a loss leader to sell even more predatory products."  MORE >>


Executive Compensation and Nonqualified Plans

Instacart IPO: Long-Awaited Liquidity for Employee RSUs and Stock Options

"As with many later-stage startup companies, Instacart's initial public offering (IPO) is as much about its human capital as its financial capital. Grants of restricted stock units (RSUs) and stock options are important forms of compensation for Instacart employees -- but to cash in, they needed a liquidity event for the company's stock."  MORE >>

Employee Benefits Jobs

View job as Plan Document Specialist
            for MAP Retirement USA LLC

Plan Document Specialist

MAP Retirement USA LLC


View job as Plan Document Specialist for MAP Retirement USA LLC

View job as Account Manager
            for MAP Retirement USA, LLC

Account Manager

MAP Retirement USA, LLC


View job as Account Manager for MAP Retirement USA, LLC

View job as Pension Consultant
            for Pension Associates

Pension Consultant

Pension Associates

Remote / Stamford CT

View job as Pension Consultant for Pension Associates

View job as Sales Account Executive
            for PS Administrators

Sales Account Executive

PS Administrators


View job as Sales Account Executive for PS Administrators

View job as Benefits and Human Resources Officer
            for Northern Illinois Conference of The United Methodist Church

Benefits and Human Resources Officer

Northern Illinois Conference of The United Methodist Church

Chicago IL / Hybrid

View job as Benefits and Human Resources Officer for Northern Illinois Conference of The United Methodist Church

Selected New Discussions

Is Some PEP Trust Account Information Private?

"The US DOL is auditing one employer that is participating in a PEP. The DOL has requested a copy of the trust agreement for 2022, which provides disbursement information for all participants in all the participating employers in the PEP. The DOL refuses a consolidated/summary version and wishes to see all approx. 4000 pages. Is information on distributions to participants not employed by the company being audited private? Should any redaction be made?"

BenefitsLink Message Boards

Pay Back Defaulted Loan Before New One?

"Where does it say that a participant must pay off a defaulted loan before they can take a new one? What if it was offset after a distributable event? (Plan allows only one loan at a time)"

BenefitsLink Message Boards

Press Releases

Flying Food Group Will Reimburse Health Plan Participants More Than $134k for Diagnostic Deductibles, Tobacco Surcharges, After Federal Investigation

Employee Benefits Security Administration [EBSA], U.S. Department of Labor

ICI Announces Lori Kearns as Retirement Security and Tax Policy Government Affairs Officer

Investment Company Institute

Frictionless Technology Integrations from Health-E Commerce® Simplify Flexible Spending Accounts and Health Savings Accounts, Improving Utilization and Satisfaction

Health-E Commerce

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

ERISA Class Actions


Duane Morris

SECURE-ing Your Retirement Plan: The SECURE 2.0 Act of 2022

September 28, 2023 WEBINAR

Strategic Retirement Partners

Big Plans for Small Businesses

October 31, 2023 WEBINAR


Executive Compensation Clawback Policies: Employment Considerations for Drafting and Enforcement

November 8, 2023 WEBINAR


ASOP 4: Updated Guidance

November 8, 2023 WEBINAR

Conference of Consulting Actuaries

Current Developments (2023)

November 9, 2023 WEBINAR


What Makes a Plan Qualified?

December 7, 2023 WEBINAR


Last Issue's Most Popular Items

Sifting Through SECURE 2.0's Retirement Savings Lost and Found


Battles Over ESG in 401(k)s Will Outlast Judge's Surprise Ruling

Bloomberg Law

How Plan Sponsors Can Build Sound Governance Structures Around Retirement Plans (PDF)

Stradley Ronon, via Employee Benefit Plan Review

Unsubscribe  |   Change Email Address

Search Past Issues   |   Privacy Policy

Submit an Article   |   Contact Us   |   Advertise Here

Copyright 2023, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

BenefitsLink® Retirement Plans Newsletter, ISSN no. 1536-9587.

Links to web sites other than and are offered as a service to our readers. We are not involved in their production and are not responsible for their content.